The quarter was marked by several key victories, including a landmark INR 240 crore order for a large-scale infrastructure modernization initiative with one of the United States’ largest hospital networks. Additionally, Black Box secured over INR 225 crore in data center service contracts with major global hyperscalers. The company also expanded its footprint in the transportation sector, winning over INR 130 crore in new orders for airport modernization projects. In the education sector, Black Box was awarded a contract worth INR 90 crore by a leading U.S.-based university.

Further strengthening its position, Black Box secured significant orders outside of the U.S., with notable wins in the Asia-Pacific and Indian markets. These included a INR 90 crore engagement with a major consumer electronics firm in APAC region, as well as two large deals in India, one in the telecommunications sector for 5G rollout by Indian telcos and another with one of the largest municipal corporations totalling INR 180 Cr. These wins highlight the company’s continued strength in delivering high-value digital infrastructure solutions across a broad spectrum of industries.

Black Box’s strategic initiatives, including the appointment of a Chief Revenue Officer for the U.S. market and the expansion of industry-focused sales leadership, have been pivotal in driving this momentum and accelerating growth across key verticals and geographies.

“We are seeing strong, sustained client demand for the modernization of IT and networking infrastructure to stay competitive in an increasingly digital-first world,” said Sanjeev Verma, Whole Time Director, Black Box Ltd. “This demand is fuelled by the growing recognition that digital infrastructure is central to AI adoption and long-term business resilience.”

Verma added, “This quarter’s exceptional performance validates our strategic priorities and reinforces our commitment to disciplined execution. As we continue to innovate and enhance our global go-to-market capabilities, we are well-positioned to deliver lasting value to our clients and stakeholders.”

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 Bengaluru, August 14, 2024: Black Box Limited (BSE: 500463) (NSE: BBOX), a leading IT solutions provider, announced its results for the quarter ended 30^th June 2024. The company’s focus on enhanced productivity and improved deal margins has led to a notable increase in both EBITDA and PAT margins.

Consolidated Performance Highlights:

Profit and Loss:

For Q1FY25, profit after tax surged by 55% Year-on-Year (YoY), reaching Rs. 37 cr compared to Rs. 24 Crs in Q1FY24. PAT margins improved to 2.6%, an increase of 110 basis points from the previous year. This strong operating performance has significantly enhanced overall profitability.

Black Box has demonstrated notable financial strength with a remarkable 28% Y-o-Y increase in EBITDA, reaching Rs. 115 crore for Q1FY25. EBITDA margins improved substantially by 240 basis points Y-o-Y to 8.1%. The company’s continued focus on enhancing margins and productivity is evident, with efforts geared towards achieving a 9% EBITDA margin by the end of FY25.

Revenue for Q1FY25 stood Rs 1,423 crore, compared to Rs 1,571 crore in Q1FY24. Despite this, the company’s pipeline remains robust, with the order book growing to US$ 475 million as of June 30, 2024.

During the quarter gone by, deal wins from Data Center and In-Building 5G solutions stood at ~$11 Mn.; Digital Workplace, Connected Building, CX, Networking Solutions, On Demand solutions and Managed Services stood at ~$13 Mn.; and deal wins from KVM solutions stood at ~$4 Mn. Black Box is Essar’s key investment in the technology space.

The Board has recommended appointment of M/s. M S K A & Associates, Chartered Accountants, (an

independent member firm of BDO International) as Statutory Auditors of the Company in place of

retiring auditors, M/s. Walker Chandiok & Co. LLP, Chartered Accountants (existing Statutory Auditors

of the Company), for period of 5 (Five) consecutive years commencing from the conclusion of 38th AGM

till the conclusion of 43rd AGM of the Company to be held in the financial year 2028-29, for approval

of shareholders at the forthcoming AGM.

Commenting on the results and performance Mr. Sanjeev Verma, Whole Time Director, Black Box said, “Our strategic exit from low-value, non-accretive customers had a short-term impact on revenue. However, our relentless focus on productivity and margins allowed us to meet EBITDA targets and nearly achieve PAT guidance. Core operations demonstrated robust strength, with substantial growth in key areas, highlighting the resilience of our business model. We have made significant strides, investing heavily in our Go-To-Market strategy, and hiring seasoned sales and solution architects with industry-specific expertise. As we move into FY25, our focus will remain on capitalizing on our strong pipeline and robust order book. With each business segment gaining momentum, we are confident in our ability to deliver enhanced performance and meet our revenue and profitability guidance.”

 Mr. Deepak Kumar Bansal, Executive Director and Global Chief Financial Officer of Black Box, commented, “The growth in topline was affected due to delays in decision-making, leading to delayed project execution coupled with muted demand for our product business from some federal partners during the quarter. However, we continue to deliver on EBITDA and profitability over the last few quarters with strong focus on productivity and deal margins, as evidenced by a 28% YoY growth in EBITDA and 55% YoY increase in our profit after tax. We are optimistic that this trend will continue, enhancing both margins and overall profitability. Further, we secured Rs. 410 crores in funding to propel growth across key focus areas and to drive expansion in the digital infrastructure sector.”

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